Credit and debt complaints are reaching record levels, according to Resolver, the UK’s biggest free complaint website.
Today, the chief executive of the Financial Services Authority announced that young people are having to borrow to cover basic living costs, Resolver’s latest borrowing figures suggest that people across all demographics are feeling the squeeze as money gets tighter.
Credit card complaints are up 113% in the previous six months, from 1,237 cases to 2,629 from April to September 2017, with concerns about interest, charges and affordability most often cited.
High-interest lending has come in for particular criticism – and payday lending complaints are up too, with 1,546 cases, an increase of 35% on the previous six months. Traditional loans have increased by 12% to 1481 complaints.